Current evidence on the sophistication of analysts' cash flow forecasts is ambiguous. For example, Call et al. (2009) show that issuing cash flow forecasts has important benefits for analysts' earnings forecasts, while Givoly et al. (2009) question the validity of this result, arguing that...

We examine the association with analyst forecast quality of both CO2 emission disclosure and corporate social reporting for a sample of large US firms. Using a matched sample we find, for a one, two and three-year horizons, a significant reduction in error, bias and forecast dispersion and a...

This study examines how the equity compensation of chief executive officers (CEO) and that of outside directors affect management earnings forecasts (MFs) and the relationship between these two positions in terms of compensation. Our evidence reveals that CEO (director) equity compensation is...

In fundamental analysis, increases (decreases) in the ratio of selling, general and administrative (SG&A) costs to sales (SG&A ratio) are perceived as negative (positive) signals regarding future firm performance. However, this interpretation focuses on the overall change in the SG&A ratio and...

While a firm's success increasingly relies on technological innovation, little is known, however, about whether and how analysts utilize information about a firm's technological innovation for their information production. We construct technological expertise for each analyst-firm pair based on...

We investigate whether a firm's market power within its product market affects management sales forecast behavior. Our examination of the relation between market power and management sales forecasts is motivated by the notion that sales forecasts differ from other types of forecasts because...

When managers face uncertain business environments or enter a compensation contract that ties their firm to other's behaviours, their management forecast disclosure may be affected by the behaviours of others. This study examines management earnings forecast revisions in Japan from the...

We examine the effect of media competition on analyst forecast properties in an international setting using 113,436 firm-year observations from 32 countries spanning 2000 through 2012. We find that firms in countries with stronger media competition enjoy more accurate, less optimistically...

We investigate the determinants of analysts' target price forecasts and evaluate their relative importance for explaining the cross-sectional variation in target price implied returns. We identify four broad determinants: the informational component predictive of future stock returns, errors in...

This paper examines whether organizational complexity affects management's communication with external market participants. We specifically examine three aspects of organizational complexity – business, geographical, and cost structure complexity. We find evidence consistent with geographical...